Newcastle business 20/20: Watch the story of Greater Bank

Newcastle business 20/20: Watch Greater Bank’s story

In 1924 Mr F.W. Lean and Mr K.A. Mathieson Snr formed the Newcastle and Hunter River Public Service Starr-Bowkett Building Co-operative Society Limited.

The society was formed in response to economic depression, during which home ownership was out of reach for many. The bank aimed to bring home ownership at the lowest cost to its members.

Members of the society bought shares and made weekly contributions, and a lottery would determine which member received interest free home loans.

In 1945 this became what is now the Greater. It could be described as “the original sharing economy”.

CEO Scott Morgan believes the reason the business has lasted the test of time is because it has its members’ best interests in mind.

Watch the story of this Hunter-based business.

The series 20/20: Looking Back, Moving Forward has been produced by creative agency Out Of The Square Media in partnership with the Newcastle Herald. The initiative highlights the success of veteran Hunter businesses. Read more here.